§ 24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953
(a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System’s unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) A benefit enhancement provided for by § 24-7-1306 shall not be implemented by the system until the unfunded actuarial accrued liability is reduced […]
§ 24-7-1315. Duty of board of trustees
The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.
§ 24-7-1316. Funding objectives of Teacher Deferred Retirement Option Plan — Cost neutrality
As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost neutral to the Arkansas Teacher Retirement System.
§ 24-7-1302. Application — Review
(a) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) The member’s plan application shall be reviewed by the Arkansas Teacher Retirement System within a reasonable period of time to determine […]
§ 24-7-1303. Contributions to Arkansas Teacher Retirement System
(a) (1) When a member begins participation in the Teacher Deferred Retirement Option Plan, member contributions to the Arkansas Teacher Retirement System shall cease. (2) Until and on August 31, 2003, employer contributions on behalf of the members participating in the Teacher Deferred Retirement Option Plan that are due the system may be retained by […]
§ 24-7-1304. Election of annuity options
(a) A member who elects participation in the Teacher Deferred Retirement Option Plan may elect one (1) of the annuity options provided in § 24-7-706. (b) The election will be made at the time the member separates from service and is granted a monthly retirement benefit, and will be deemed to apply to the member’s […]
§ 24-7-1305. Benefits
The member’s Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to limitations.
§ 24-7-1306. Amount of deposits
(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit. (b) If a plan participant has at least thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, a plan deposit shall be calculated beginning with the participant’s plan benefit and […]
§ 24-7-1307. Account — Credit
(a) The member’s Teacher Deferred Retirement Option Plan account shall be the account in which shall be accumulated the: (1) Plan deposits made on behalf of the member; and (2) Plan interest. (b) At the end of each fiscal year, the Board of Trustees of the Arkansas Teacher Retirement System shall credit each plan participant’s […]
§ 24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options
(a) (1) The member’s participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system. (2) The system shall cancel a plan participant’s retirement benefits, and the plan […]